Russia may lose free access to foreign markets: Ukraine demanded to include Russia in the FATF blacklist

FATF asked to blacklist Russia
FATF asked to blacklist Russia

Ukraine demands that the International Financial Crimes Task Force (FATF) blacklist Russia as a high-risk jurisdiction. Such a measure would limit Russia's access to foreign markets and, consequently, reduce threats to the global financial system, as well as reduce loopholes for circumventing sanctions.

FATF may take a corresponding decision at the plenary session in Paris on June 19-23. Ukrainian Finance Minister Serhiy Marchenko has already made a corresponding appeal to the organization.

"Russia's actions are a gross violation of the obligations of international cooperation and mutual respect upon which FATF members have agreed to implement and uphold the group's standards. Blacklisting Russia would restrict its access to foreign markets and require all FATF jurisdictions to apply enhanced scrutiny and effective countermeasures... This will protect global financial security, help close existing loopholes in sanctions regimes and stop an unprovoked and illegal war against Ukraine," Ihor Cherkassky, head of the State Financial Monitoring Service of Ukraine, added.

Back on February 24, 2023, FATF suspended Russia's membership in the organization. The group also called on all jurisdictions to "remain cautious" because of the threats that Russia's war against Ukraine poses to the international financial system.

But Russia has not stopped violating FATF standards and posing serious risks to the global financial system, including:

  • places nuclear weapons in Belarus;
  • trades arms with Iran, which is blacklisted;
  • finances terrorism through the Wagner PMC and others;
  • cooperates with North Korea on the nuclear program;
  • carries out massive cyberattacks on Ukraine and other states;
  • uses cryptocurrency for money laundering;
  • continues to commit the predicate crime of human trafficking.

"The FATF was created to counter such attacks on global security... Russia continues to show complete disregard for the global rule of law, and the risks it poses to international financial security are only growing. Countries that violate FATF standards should be held accountable and blacklisted, regardless of their political influence or contribution to the global economy," Marchenko said.

As reported by OBOZREVATEL, FATF is considering the possibility of blocking payments from Russia. This could lead to the collapse of the international trade of the aggressor.

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